May 2019 Financial News

JMMB Group Limited - Investment in Alignvest Acquisition II Corporation

May 27, 2019

JMMB Group Limited (JMMB) has committed to investing a minimum of US$200 million in Alignvest Acquisition II Corporation (AQY), which is a publicly-traded Special Purpose Acquisition Corporation that is listed on the Toronto Stock Exchange. AQY is currently set to acquire 100% of the ordinary shares of Sagicor Financial Corporation (SFC). Upon the completion of AQY’s acquisition of SFC, AQY and SFC will then collapse into a new single entity (new Sagicor). Following the completion of the investment transaction, JMMB will own no less than 20% of the shareholdings of New Sagicor.

JMMB Group Limited will have the right to nominate two eligible and qualified directors to serve on the board of directors to serve on the board of directors of New Sagicor. Those nominees are initially expected to Keith Duncan, the Group CEO of JMMB Group, and Archibald Campbell, the chairman of the board of directors of JMMB Group. The transaction is subject to regulatory approval.


Source:
The Trinidad and Tobago Stock Exchange Limited
Monday 27 May, 2019